72 2
Neutral for new positions. Three potential Elliott Wave patterns considered. See also strong positive divergences in MACD .

Awaiting support to hold at yellow wave ii, or for price to break out above GDX 18.85. IF price should exhibit a 5-wave pattern down, followed by 3-wave correction below 18.85, THEN the red count looks probable. Not interested in shorting GDX for more than intraday trades, certainly less than a week, given likely completion of and ending diagonal . Last two weeks already have proved how quickly the table can turn on shorts...

Daily buy-and-hold targets are shown here in either red and yellow. The box with green wave circle i would set up another wave ii buy target near current price levels, to be refined with pattern maturity.
Posted new 1-hr update.
Nice chart, good work! great to see the alts. Like to see an update if you can fit it in. I'm long DUST on the drop Fri, playing Yellow or Green Count to (ii). GDX is moving with Gold Leading and to some degree GDX appears correlated to the Euro and DXY as one would expect they all reflect each other. Do you have a Gold Chart & Count? GDX is interesting now as a stock, it is moving against the standard stock indices (which won't last forever), but it is moving with gold on the Fear Trade (demand for gold). Macro Set-up for GDX via gold, dollar and euro: expectations going into the Fed meeting next week. If Fed raises Wed (not the consensus), then dollar raises, Euro drops,SPX likely drops... if SPX tanks then gold should go up and GDX with it. If SPX holds or does not tank then my expectation is Gold Drops and GDX with it. Nice set up for odds on a bit of a retrace with the recent strong run (impending MACD cross and Fri reversal candle), but may not be over yet until direction of Gold resolves. Will be an interesting week.
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